Fiscal Note
Total costs for purchase, taxes, closing, and site stabilization activities are estimated at $256,460. Funds of $156,460 will be available in the 2011 Capital Budget (PCED Project #23 - Land Banking), if adopted as recommended by the Board of Estimates. Funds for site stabilization activities of $100,000 will be available in the 2011 Capital Budget (PCED Project #4 - TID #36), if adopted as recommended by the Board of Estimates. These costs will be financed using general obligation borrowing. The debt repayment will be charged to TID#36 and repaid with increment if sufficient increment is available from future development within the district. The most recent year's property taxes on this property were roughly $5,600. City purchase will reduce the annual increment revenue received in TID #36 by this amount until the property is resold for a taxable use.
Title
Authorizing the execution of a Purchase and Sale Agreement with Perry J. Schappe 1987 Revocable Trust (the “Seller”) for the purchase of property owned by the Seller located at 819 East Washington Avenue and authorizing the use of Land Banking Funds for the acquisition.
Body
The Perry J. Schappe 1987 Revocable Trust owns a property located at 819 East Washington Avenue (the “Property”) which it has offered to sell to the City of Madison. The Property totals 10,890 square feet or .25 acres. The Office of Real Estate Services has negotiated terms with the Seller for the acquisition of the Property. The purchase price is supported by an appraisal obtained by the City.
The primary reason to acquire the Property is to preserve, to the fullest extent possible, the principles of coherent urban infill redevelopment that are highlighted in the adopted Comprehensive Plan, the Tenney-Lapham Neighborhood Plan, and the East Washington Capitol Gateway Corridor Plan.
The purchase price of the Property is below market price. Following the completion of a more in-depth site and development plan for th...
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